The Kotak Complete Cover Grouplan of Kotak Life Insurance provides life cover to the group of loan borrowers from the credit institutions like bank, finance provider; retail etc. this plan is a non participating single premium paying plan. This plan can be customized to provide coverage to all types of repayment and loan.
The eligibility criteria for Kotak Complete Cover Grouplan of Kotak Life Insurance are as follows:
- The minimum entry age of the policy is 18 years.
- The maximum entry age of the policy is 55 years.
- The maximum ceasing age for the policy is 60 years.
- This is a single premium paying policy. The premium is to be paid by the credit institution at the commencement of the policy.
- The maximum amount of cover per member varies according to different groups.
- If there is any case of the death of the borrower the remaining loan amount will be paid as a death benefit to the credit institution.
The benefits of Kotak Complete Cover Grouplan of Kotak Life Insurance are as follows:
For the credit institution
- Hassle-free administrative procedures
- Extremely cost-effective due to group pricing dynamics
- Eliminates the risk of default in the case of death of the borrower
- Facilitates competitive pricing for credit products and ensures a differentiating edge over the competitors
For the borrowers
- Hassle-free and convenient documentation process
- The life cover is available anywhere anytime.
- The borrower’s family and dependants are relieved of the financial burden of paying the outstanding loan amount.
- The pooling of risk (group cover) allows the cover to be provided at a low cost.
- Relaxed medical examination norms (subject to applicable conditions).
The loan cover will cease to continue under the following conditions:
- The date the borrower attains the ceasing age as in the policy contract.
- The date on which the contract terminates according to the provisions of contract.
- The date on which the loan is repaid.
- The date of scheduled expiry of the loan as per the contract.